The pensions dashboards impact assessment hasn’t had the attention it deserves. When I mentioned it at a recent event, a couple of people queried my figures – particularly the estimate of 16.3 million dashboard users by 2026.

To make the impact assessment realistic, the regulatory framework needs close attention to manage risks while enabling the customer outcomes dashboards are intended to achieve.

There’s no need to remind anyone in the industry that the costs of dashboards are
high – potentially £1bn.

However, some of the costs are not unique – arguably, data should be clean already. Also, recovery of lost pensions is a major direct benefit of dashboards.

ABI commissioned research by the Pensions Policy Institute (PPI) that identified 2.7 million pots worth £26bn – a huge prize.

However, the benefits depend on Department for Work and Pensions' projections of how many people will use dashboards – the impact assessment’s central estimate puts it at 16.3 million users per year.

That is plausible, but it really depends on decisions yet to be made. If consumers can access dashboards easily, in places they already use online, with a simple sign-up process, it could even be an underestimate.

The Financial Conduct Authority's consultation on regulation of dashboards, and the Pensions Dashboards Programme's consultation on design standards, are critical to achieving this aim – pension schemes should engage with them to ensure that they do.

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